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Forex - EUR/USD retreats in early Asian trade

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EUR/USD hit 1.4381 in early Asian trade, the pair's highest since Thursday; the pair subsequently consolidated at 1.4373, easing 0.04%.

The pair was likely to find support at 1.4328, the day's low, and resistance at 1.4500, Tuesday's high.

Earlier in the day, the U.S. Department of Labor reported that the number of Americans filing for unemployment assistance rose by 5,000 to a seasonally adjusted 417,000, in the week ending August 19.

Market expectations were for jobless claims to fall to 405,000 from 412,000 the previous week.

In addition, the Labor Department said those who continue to receive state unemployment checks fell by 80,000 to 3.64 million in the week ended Aug 13.

Continuing claims are reported with a one-week lag, and expectations were for a decline to 3.70 million.

In Europe, a Thursday report from Eurostat showed that industrial new orders dropped by a seasonally adjusted 0.7% in June, following a 3.6% surge in May. Economists had forecast new orders to rise by 0.4% during the period.

The annualized rate of industrial new orders rose 11.1% in the euro-zone in June, short of forecasts for a 11.9% increase.

Wall Street, the Dow Jones Industrial Average fell 1.5% to 11,149.82, the Nasdaq Composite Index declined 1.95% to 2,419.63, and the S&P 500 lost 1.56%. to 1,159.27.

Meanwhile, the euro was lower against both the British pound and the Japanese yen, with EUR/GBP down by 0.51% to hit 0.8827, and EUR/JPY falling 0.06% to hit 111.30.

Federal Reserve Chairman Ben Bernanke was scheduled to speak later Friday, during this week's annual meeting of Fed officials in Jackson Hole, Wyoming.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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